Precious Metals Preview: COMEX gold struggles near 2-month low

COMEX gold futures are struggling near a two-month low as renewed tensions in West Asia are strengthening gains in safe haven dollar overseas. Meanwhile, the dollar index surged back overnight and extends upside on Thursday morning in Asia amid signs of fresh strikes between US and Iran. The dollar index that measures the greenback against a basket of currencies is quoting at 99.50, up 0.35% on the day. Investors will now focus on the US Personal Consumption Expenditure Price Index (PCE) data for April, which will be published later today, for further cues. Currently, gold futures are down over 1% at $4426.60 an ounce. Silver is also trading lower by 1.64% at $73.65 an ounce. On the MCX, gold futures are trading down sharply at ₹1,55,650.00 per 10 grams, recording a correction of -1.25%.

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